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Question 1 (9 marks) In 2021, BB Inc., a public company, purchased and sold the following assets: Purchases Office furniture Customer list Purchase price $13,250
Question 1 (9 marks) In 2021, BB Inc., a public company, purchased and sold the following assets: Purchases Office furniture Customer list Purchase price $13,250 $ 2,300 Sales Building (original cost = $450,000) Land (original cost = $200,000) Office furniture (original cost = $13,000) Proceeds $625,000 $300,000 $ 1,750 At the beginning of 2021, BB Inc. had the following undepreciated capital cost balances: Class 1 Class 8 Class 14.1 $ 237,560 2,300 3,540 Required: Determine the impact of BB Inc.'s purchases and sales on taxable income for 2021, including any deductible expenses. Show all calculations. (9 marks)
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